Cash Equivalents — Cash equivalents consist of highly liquid investments with original maturities of 90 days or less at the time of purchase that are readily convertible into cash.

Available-for-Sale Investments Portfolio —The Company's investments portfolio consists of highly liquid money market funds, commercial bonds and paper, and U.S. Treasury securities (collectively, the "Investments") for which the Company accounts for as available-for-sale. Unrealized gains and losses are recorded in other comprehensive (loss) income.

The contractual maturities of the Investments are summarized below (in thousands):


	June 30, 2026				December 31, 2025
	Available-for-Sale Investments				Available-for-Sale Investments
	Amortized Cost Basis		Aggregate Fair Value		Amortized Cost Basis		Aggregate Fair Value
Due in one year or less(1)	$	94,160	$	94,141	$	132,732	$	132,836
Due after one year through five years		—		—		5,001		5,012
Total	$	94,160	$	94,141	$	137,733	$	137,848

The fair values of the Investments are disclosed below (dollars in thousands):


	June 30, 2026
Available-for-Sale Investments	Investment Level	Amortized Cost (Carrying Value)			Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds	Level 1	$	18,738		$	—	$	—		$	18,738
Commercial bonds and paper	Level 2		33,126			—		(7	)		33,119
U.S. Treasury securities	Level 2		42,296			3		(15	)		42,284
Total cash equivalents and investments			94,160			3		(22	)		94,141
Less: cash equivalents			(35,940	)		—		—			(35,940	)
Total Investments		$	58,220		$	3	$	(22	)	$	58,201


	December 31, 2025
Available-for-Sale Investments	Investment Level	Amortized Cost (Carrying Value)			Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Estimated Fair Value
Money market funds	Level 1	$	28,303		$	—	$	—		$	28,303
Commercial bonds and paper	Level 2		21,230			28		—			21,258
U.S. Treasury securities	Level 2		88,200			99		(12	)		88,287
Total cash equivalents and investments			137,733			127		(12	)		137,848
Less: cash equivalents			(36,372	)		—		—			(36,372	)
Total Investments		$	101,361		$	127	$	(12	)	$	101,476

As of June 30, 2026 and December 31, 2025, there was $0.5 million and $0.7 million, respectively, of accrued interest receivable on investments which is included in prepaid expense and other current assets in the condensed consolidated balance sheets.

Available-for-Sale Investment — Thirona — In June 2021 and January 2022, the Company purchased $3.0 million and $5.0 million, respectively, of convertible promissory notes issued by Thirona Bio, Inc. ("Thirona"). Following Thirona’s cessation of operations in September 2025 after recent clinical trial results, the Company determined the investment was other-than-temporarily impaired and recorded a $6.6 million impairment loss, inclusive of the write-off of $1.3 million of previously recognized unrealized gains, representing the fair value at that time. The Company also wrote off approximately $1.1 million of interest receivable, with the impairment recorded in other income (expense) in the consolidated statements of operations for the year ended December 31, 2025.